NEW YORK — Time Warner Inc. said Tuesday it plans to redeem $656 million worth of bonds that are exchangeable into stock of Hasbro Inc., owned by Time Warner.
The redemption comes a month before another series of securities issued by Time Warner, also convertible into the company’s 14% stake in Hasbro, comes due for conversion. TW issued these securities, known as “PERCs,” in mid-1995 whereas the bonds now being redeemed were sold in December 1992.
Time Warner will let the PERCs convert next month. After that, TW won’t own its Hasbro stock. Time Warner stock rose 12¢ to $60.81 Tuesday.